An increase in both first-year and renewal premium has pushed up the bottom line of SBI Life Insurance in the fourth quarter of 2017-18. Net profit at the end of the quarter was Rs 381.21 crore compared with Rs 336.05 crore in the corresponding period a year ago.
First year premium during the quarter stood at Rs 2,541.75 crore compared with Rs 2,336.93 crore a year ago. Renewal premium during the quarter was Rs 5,524.44 crore compared with Rs 4,190.92 crore in the year-ago period.
The total income of the insurer, however, came down to Rs 10,052.32 crore in the fourth quarter of 2017-18 against Rs 10,775.70 crore a year ago on account of a fall in income from investments.
For the whole of 2017-18, net premium income stood at Rs 25,160.07 crore, a growth of 20.7 per cent from Rs 20,852.45 crore in the previous year. Net profit was Rs 1,150.38 crore compared with Rs 954.65 crore in the year-ago period.
During the year, SBI Life Insurance, a joint venture between the SBI and BNP Paribas Cardif, has extended its market share from 20.7 per cent in 2016-17 to 21.8 per cent in 2017-18 among private sector life insurers and the overall market share has risen from 11.1 per cent to 12.3 per cent in 2017-18.
The assets under management grew 19 per cent to Rs 1162.6 billion as of March 31, 2018 from Rs 977.4 billion as of March 31, 2017.